Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and Botswana Investment Trade Centre (BITC) sign Memorandum of Understanding
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and Botswana Investment Trade Centre (BITC) signed the Memorandum of Understanding on Friday 24th February 2017 at the Botswana Investment Trade Centre (BITC) offices.
The Memorandum of Understanding is premised on the need to enhance cooperation in the sharing of information between the two institutions. It will help define and guide working relationships in addition to enabling the smooth exchange of supervisory and the International Financial Services Centre (IFSC) information on companies under their purview.
It is in this context that this collaboration will help equip NBFIRA and BITC with insight on issues of common interest such as sharing relevant information and discuss strategies to combat financial crime in a collaborative manner.
During the signing ceremony Botswana Investment Trade Centre, Chief Executive Mr. Letsebe Sejoe said that NBFIRA’s advancement in the non-bank regulatory environment particularly implementation of regulatory online systems will help accelerate dialogue within the IFSC companies which both organizations look after.
The Acting Chief Executive Officer for NBFIRA Mr. Sriram Ghade highlighted that IFSC companies by nature are a risk hence the need to properly ensure regulation and exchange of information between the two institutions through a structured process.
“The role the two organizations play in our economy cannot be ignored. BITC attracts and promote investment while NBFIRA ensures soundness, good market conduct, and financial stability and deters financial crime in respect of these investments,” said Sriram Ghade.
